MSE News: Credit card annual statements to show true cost of plastic

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"Every credit card holder will receive an annual statement over the next year, showing full fees"

Read the full story:
Credit card annual statements to show true cost of plastic

opinions4u

Lovely.

I'm sure that will save us all £thousands.

They may as well put a Christmas card in with the December statement.

thegoodman

What's the point, you can't do anything about it.
Most people will think new year, new card and move on

michaels

Might be interesting if they show the actual apr as those who mostly clear their statements and jut borrow for a month will no doubt have done so a lot more cheaply than by using a pay day loan or unauthorised overdraft.

I bet all my statements will just say 'Hi Stoozer'

SnowTiger

Looks like Capital One is ahead of the game. I received this with my January statement from them.

Ben8282

A bit of a waste of time really. I'm sure I'll just glance at mine and throw them away. But harmless and probably others may find them useful, so long as this obligation is not used as an excuse to increase charges/interest rates to cover the cost of producing them and sending them out .... all those 60p stamps.

oldvicar

I suspect that those who should use the summary to manage their accounts more effectively will be the ones who don't read it.

Gordon_the_Moron

My statement would look near identical to the Capital One example posted (except with a larger figure for the amount spent as I do all my spending on it where card facilities are available) always pay in full on time, stay within my limit, never withdraw cash, only use it for section 75 protection and cashback. For me that statement would therefore be pretty pointless, not worth the paper its printed on!

I can see why it would be useful for some people but there should be a way to opt out of getting them otherwise millions of pounds could be wasted sending out waste paper!

glider3560

Gordon_the_Moron wrote: »

My statement would look near identical to the Capital One example posted (except with a larger figure for the amount spent as I do all my spending on it where card facilities are available) always pay in full on time, stay within my limit, never withdraw cash, only use it for section 75 protection and cashback. For me that statement would therefore be pretty pointless, not worth the paper its printed on!

Exactly the same for me. Quite high spending figures as I currently pay my rent by credit card.

Gordon_the_Moron wrote: »

millions of pounds could be wasted sending out waste paper!

I would hope that it is sent with a normal statement, so only costing one sheet of paper per customer with no extra envelopes or stamps.

Wammer

SnowTiger wrote: »

Looks like Capital One is ahead of the game. I received this with my January statement from them.

I have a Capital One card. I have just checked the online statement I downloaded and I didn't get an Annual Statement?

molerat

Wammer wrote: »

I have a Capital One card. I have just checked the online statement I downloaded and I didn't get an Annual Statement?

Same here. My Jan statement had a simple one liner that is all I am interested in, Cashback £108.43. Anything more would have been a waste of 0s

As has been stated above, most of those that really need to have this will just ignore it anyway.